Buy NMDC for target of Rs 305: IIFL

MUMBAI: IIFL has advised traders to buy NMDC for target of Rs 305.

"NMDC has seen impressive volume in yesterday’s trading session and appears to have taken support between Rs 262-265 range. It could bounce till somewhere between Rs 300-305 levels in the near term. The bullish formation is confirmed after the stock gave a close above its short-term moving averages with positive divergences in momentum oscillators.

Any move above Rs 285 could take the stock towards Rs 300 and higher in the short-term. Traders are advised to maintain a stop loss of Rs 273 and go long. Book partial profits around Rs 300 and exit around the levels of Rs 305,” the report said.

Note: Trading idea valid for time-period of 1-3 days.